The following information is available for Sheridan Corporation's inventories: December 31,2022: At...

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Accounting

The following information is available for Sheridan Corporation's inventories:
December 31,2022:
At cost: $590000
At lower of cost and net realizable value (NRV): $542000
December 31,2023:
At cost: $797000
At lower of cost and net realizable value (NRV): $757000
Sheridan uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV. Sheridan's 2022 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a
credit of $48000 to Inventory.
credit of $48000 to Loss on Inventory Due to Decline in NRV.
debit of $48000 to Allowance to Reduce Inventory to NRV.
debit of $48000 to Loss on Inventory Due to Decline in NRV.
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